The weekly sentinel. [volume] (Winston-Salem, N.C.) 1886-1887, 1887-01-20
PRICE 5 CENTS.
THE STATE RAILROADS.
The Recomme ndatione in Governor
Scales Message.

In Governor Scales message he has
the following to say in reference to the
Railroads in which the State owns an
interest,"
ATLANTIC AND NORTH CAROLINA r. R.
The capital stock of this road is
s1,SOO,0OO. Of this sum the State
owns over Two thirds = 81 ,266 500.
Private stockholders own the remain.
ing one e-third-S533, 500. The whole
emount of Indebtedness on this road is
1927 ,024; of this sum the amount Sc
cured by mortgage on road, at per
cent is $4,000. The remainder, re-
duced to a judgment bearing interest
at percent, $31,O24. At the last
meeting of the stockholders a resolu-
tion was passed, with my approval,
authorizing the company to borrow
the sum of $325,0O0 to be secured by
mortgage upon the road. Of this sum,
100000 will be used in the purchase
of new steel rails for the road and
property, and the remainder will be
applied to the discharge of judgment
and bonded debt, as above set forth,
the latter OF which falls due in 1888.
This loan am safe in saying will be
negotiated at greatly reduced rate
of interest. This road is 96 miles in
length, passes through fine country,
and is in fair condition and well
managed. The stock is approaching,
and with proper connection, !, which it
is hoped may be early secured, there
is every reason why it should pay a
dividend. 1t is justly regarded as
valuable property, with a compara-
lively small debt, and earnestly re-
commend that the State shall not part
with her ownership in the property.
Fifteen years ago the stock of the
North Carolina railroad was worth 80
cents in the dollar; now it is worth
106, and is paging dividend on the
State Stock $1S0,000 annually. This
enables her to pay the interest on all
construction bonds without further
burdening the people.
The Atlantic u North Carolina rail
road was originally intended as an ex-
tension of the North Carolina road.
The State owns over two-thirds of the
former and three tourths of the latter,
together making line of 319 miles in
length, and running from Charlotte to
Morehead City. There are now in the
State four large and wealthy railroad
corporations the policy of these, as
of all roads, is to build branches rum
ming out on each side Of the main
track, that they may occupy addition
al territory, increase their feeders and
add greatly to their general wealth.
While this work is going on vigorous
ly and our territory is being occupied
by others, what are these two roads
doing? Almost nothing. Steps should
: be taken at ouce to occupy our own
territory and build up these feeders,
; as IL part Of our own property.
, Feeling the importance of this work
1 would earnesti y urge upon yoa she
necessity, 50 far as it may be consist
) eLt with your existing obligations, TO
grant each Of these roads the neces-
l sary charters, and Ill proportion to
f their length, sufficient convicts TO
l build branches from the main stems,
at such points and iii such directions
as may be deemed advisable, by the
g respective directors of those roads. 1t
r is believed that the people along the
4 line Of these branches viii gladly
4 clothe and feed the convicts TO do the
!. grading, and after the grading is done
e the directors must, by degrees, provide
=, ways and means for laying down the
: rails and procuring tse rolling stock.
CAPE FEAR & YADKIN VALLEY Il. Il.
The following work has been done
on the road from the 1st of March,
1854, to December /, 1886 number
= OF miles Of steel rails laid and com
= pleted 122 miles; number Of miles
:, graded In same time, 81 number OF
! miles yet to grade, Including siding,
:. to Mt Airy II.
In addition to this, there has been
graded and put i'll operation in North
: Carolina with free labor 3 miles; have
= graded and ironed the factory branch
! in Randolph county, 8 miles. They
= have put in new Isteel rails on the old
: part Of the road bet Fayetteville
y and the Gulf lin Chatham county 1G
:, miles.
The average number Of convicts ac-
:, tually employed, is most creditable to
- = the company, and [ doubt not will
y prove satisfactory to the State. This
road will, have no doubt, be pushed
;, to completion Ii Is now looking tf
Wilmington as its eastern terminus
e and hope THAT during my admins
u tration the varied arl rich products
= of the section through which it runs
= will find market Ill ..his, the CHIEF
! export city of the State.
4 WESTERN NORTH CAROLINA R. r.
i Within the last two years the Ash
e vile and Spartanburg road has been
o completed, and twelve miles have been